Philippine Non-Bank Financial Institutions Quiz
5 Questions
8 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which organization administers the Employees’ Compensation Program for public sector workers?

  • SSS
  • RA 8291
  • PAG-IBIG
  • GSIS (correct)

    • What is the main function of PAG-IBIG?

  • Provide social security protection
  • Implement various programs for economic development
  • Promote homeownership and provide financial assistance (correct)
  • Administer the Employees’ Compensation Program

    • Who does SSS provide social security protection to?

  • GSIS members
  • Private sector employees, self-employed individuals, and voluntary members (correct)
  • Low-income individuals and families
  • Public sector workers

    • What is the significance of PAG-IBIG in economic development?

    <p>Provides affordable housing loans to its members</p> Signup and view all the answers

    What is the governing and policy-making body of GSIS?

    <p>Board of Trustees</p> Signup and view all the answers

    Study Notes

    Overview of Philippine Non-Bank Financial Institutions

    • The Philippine non-bank financial institutions are essential components of the finance sector, providing services beyond traditional banking.

    Pag-IBIG Fund

    • Established on June 11, 1978, by Presidential Decree No. 1530, under President Ferdinand Marcos.
    • Aims to promote savings and provide affordable housing for Filipinos.
    • On March 1, 1979, Executive Order No. 527 transferred the Fund's administration to the National Home Mortgage Finance Corporation.
    • Executive Order No. 538, issued on June 4, 1979, merged various funds for private and government personnel, creating the Pag-IBIG Fund as it is known today.

    Social Security System (SSS)

    • Initiated on September 1, 1957, to provide social security benefits for employees in the Philippines.
    • Operates primarily through two programs:
      • Social Security program, offering financial protection for workers during retirement, disability, and unemployment.
      • Employees’ Compensation program, providing benefits for work-related injuries or illnesses.

    Role of SSS in National Development

    • Acts as a catalyst for national growth by facilitating access to loans for developmental projects.
    • Stimulates business activities through financial assistance and services to members.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Test your knowledge of Philippine non-bank financial institutions with this quiz. Explore the history of Pag-IBIG, SSS, and GSIS while learning about their significance in the Philippine government.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser